Mack’s Mid-Morning ES Price Action Chart for 01-17-2024

My internet seems to be more stable this morning, but the roads around here are a mess. There are very few people on the roads in the morning, so travel was not too bad on my way in this morning. After about 10 AM, the crazies will come out and make travel more dangerous. We have 20K+ college kids with too much time on their hands (classes are canceled) and not enough common sense, and they just fly around like it’s a normal day on the road here. Wrecks everywhere and people sideways blocking the roads and in the ditches. If you are in the South and experiencing what we have here, drive safe and be wary of the other drivers that do not know what they are doing, as they are mostly the problem.

Prices trended lower during the overnight session but have been mostly sideways since the regular session opening. Right now, I would call things sideways to slightly down. Prices have not yet made a measured move down, and it appears that is what prices are attempting to do, make a measured leg down. If prices are unable to make that move lower after multiple attempts, we could see a rally or even a larger range.

For now, prices are mostly mixed and sideways, so stay with that until the charts show us otherwise.